Wall Street's Bailout is a Trillion-Dollar Crime Scene -- Why Aren't the Dems Doing Something About It?

By Naomi Klein, The Nation. Posted November 14, 2008.

Washington's handling of the bailout is not merely incompetent. It may well be illegal.

The more details emerge, the clearer it becomes that Washington's handling of the Wall Street bailout is not merely incompetent. It is borderline criminal.

In a moment of high panic in late September, the U.S. Treasury unilaterally pushed through a radical change in how bank mergers are taxed -- a change long sought by the industry. Despite the fact that this move will deprive the government of as much as $140 billion in tax revenue, lawmakers found out only after the fact. According to the Washington Post, more than a dozen tax attorneys agree that "Treasury had no authority to issue the [tax change] notice."

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The financial crisis was caused by fraud, committed by the very same people who are being bailed out. When is someone going to get arrested? Tom